The Central Bank of Nigeria (CBN) has so far spent N55 billion on the Anchor Borrowers’ Programme (ABP), a top official said yesterday. Under a new arrangement for the programme, CBN credit facility to farmers would be digitalised, Special Assistant to the CBN governor Mr. Tunde Akande told the Rice Farmers Association of Nigeria (RIFAN) in Abuja. Following a drop in demand for foreign exchange to import rice and other foods now produced locally, the foreign reserve has hit $42.8billion, he… Read more

Fish farmers in Delta State have received N1.2 billion loans from the Anchor Borrowers Programme (ABP) of the Central Bank of Nigeria (CBN). Mr. Ambrose Nwabuzor, loan officer, Bank of Agriculture (BOA), Asaba, in an interview yesterday with News Agency of Nigeria (NAN), said BOA secured release of the N1.2 billion. He said beneficiaries provided enough securities to guarantee the drawdown of the loan from CBN. “Under the private window, we have secured the release of N1.2 billion to eight anchors that… Read more

•$3b Eurobond, $300m Diaspora bonds listed on NSE, FMDQ The Federal Government has allayed fears that its increasing recourse to foreign-currency denominated bonds may pose considerable currency risk and debt crisis as government has taken measures to ensure that it maintains a prudent and sustainable debt strategy. Debt Management Office (DMO) Director-General, Ms Patience Oniha, who spoke at the listing of Federal Government’s Eurobonds and Diaspora Bond at the Nigerian Stock Exchange (NSE) in Lagos, said Nigeria would not be… Read more

Bank directors with non-performing loans (NPLs) are to quit or be sacked, according to a new Code of Corporate Governance approved by the Central Bank of Nigeria (CBN). Director, Bank Examination Department at the Nigeria Deposit Insurance Corporation (NDIC), Adedapo Adeleke, said the new code was instituted to address the rising cases of insider bad loans, which not only represent a conflict of interest, but are against the prudential guidelines for the industry. He described corporate governance as an essential… Read more

Banks are bracing for the effects of a likely forfeiture of funds in accounts without the Bank Verification Number ( BVN ). Should the government enforce the court order on such accounts, the banks will recall loans from customers; and lay-off staff. Speaking yesterday on the development, former Registrar/Chief Executive, Chartered Institute of Bankers of Nigeria (CIBN), Uju Ogubunka, said a massive loan recall would help the lenders keep their liquidity ratio within regulatory threshold. Liquidity ratios are based on… Read more

The creative artistes, who participated in this year’s edition of Lagos Comic Con, got a booster from Heritage Bank Plc as the financial powerhouse allayed their fears over inaccessibility of funds for operators in the industry. Speaking at the 6th edition of Lagos Comic 2017, held at NECA House, Ikeja, Lagos, on Saturday, Chubike Agu of the Corporate Communications Department of Heritage Bank; commended the audience at the annual event for their perseverance despite all hurdles against them. Agu disclosed… Read more

No fewer than 110 women in Njaba Local Government Area of Imo State have been presented with N100,000 cheques each as soft loans to help them start their businesses. The women were selected across the 11 political wards in the council. The loan has an interest of seven per cent. Speaking while presenting the cheques to the beneficiaries at the Njaba Council Secretariat in Nnenasa, the state governor Rochas Okorocha said the sum of N1 billion has been set aside… Read more

The Bank of Industry (BoI) has revised its interest rates for corps members under its Graduate Entrepreneurship Fund (GEF) programme, from nine per cent to zero per as part of measures to encourage entrepreneurship and aid business growth. Currently on the second edition, the GEF scheme is being implemented by BoI in partnership with the National Youth Service Corps (NYSC) Directorate. It has recorded over N262.9 million disbursements to 177 successful candidates. BoI said it decided to further encourage such… Read more

The Bank of Industry (BoI), executor of MarketMoni, one of Federal Government’s social intervention programmes, has sealed a pact with the Rural Finance Institution Building Programme (RUFIN) to provide access to soft loans to 100,000 small businesses. RUFIN is an initiative of the Federal Ministry of Agriculture and Rural Development (FMARD). The deal was part of the Federal Government’s plans to stimulate the economy and deepen financial inclusion for the economically active rural poor. It also signals the commencement of… Read more

THE Senate has been asked to approve $12.921 billion loans as part of the Federal Government’s 2016-2018 external borrowing (rolling) plan. The presidential request was read by Senate President Bukola Saraki in the chamber yesterday. In the April 21 memo, “Request for approval for Federal Government 2016-2018 external borrowing rolling plan”, President Muhammadu Buhari referred to his earlier letter on the same subject matter. The request is believed to be part of the $29.96 billion loan earlier rejected by the… Read more

•Low-interest loans will boost education One of the many challenges of Nigerian life is the huge difficulty that lies in the way of indigent students seeking to finance legitimate educational pursuits. In spite of the increased demand caused by the ongoing economic recession, the country’s student loans system is an inefficient mishmash of inconsistent service, high default rates and arbitrary policy. Reminding the nation of its obligations in this regard, Professor Friday Ndubuisi, the Vice-Chancellor of Christopher University, Mowe, Ogun… Read more

Governor Akinwunmi Ambode led members of the State Executive Council and other top officials to Shibiri/Ekunpa Area Office in Oto-Awori Local Council Development Area (LCDA) for the second quarterly Town Hall meeting. There he spoke about what has been done and what to expect this quarter, including the release of loans to fresh 1,000 businesses, writes WALE AJETUNMOBI OTO Awori is a Lagos suburb. It is home to Alhaji Abimbola Suraju, a market leader. Suraju was shocked last Friday and… Read more

The Federal Executive Council (FEC) yesterday approved credit facilities of $1.3 billion to support the Development Bank of Nigeria (DBN). The Minister of Finance, Kemi Adeosun made this known at the end of the FEC meeting chaired by President Muhammadu Buhari at the Presidential Villa, Abuja. She said the DBN has got $1.28 billion loans from some development partners, but the approval of the National Assembly is required to access the loans. The loans will be used to finance the many… Read more